Question

What is the difference between industrially advanced countries (IAC’s) and less-developed countries (LDC’s)? List five IACs and five LDCs.

Answer 1

The major difference between IAC and LCD

IAC countries as follows

1. Higher GDP growth
2. Better infrastructure facility
3. Technologically advanced
4. Perfect Free market Economy
5. Optimal utilization of the resource

LCD as follows

1. Lower GDP
2. Laack of infrastructure specialty and lack of investment in these sectors.
3. Technological backwardness usage of outdated technology production process
4. the imperfect market in financial, labor, goods market conservative attitude for adopting changes.
5. Underutilization resource or same time overutilization of the resource.